Updated: May 28
Magic Johnson’s life insurance company, EquiTrust Life Insurance Co., has been reported that they will help women and minority owned small businesses with loans to protect theirs businesses due to Covid-19. Their businesses will be given a chance to have secure $100M in paychecks protection program loans. This enterprise will be made by the Small Business Administration PPP program and is also a part of a partnership with MBE Capital Partners, as also Forbes. The Former Lakers company will be investing towards the relief fund to give out to 5,000 businesses. Magic has heard about small businesses struggling to get PPP loans, and wasn't a good look that the Lakers got approved but returned it. He stated to The Wall Street Journal, “ We knew why the money was gone and couldn’t trickle down to small businesses, especially small minority businesses, because they didn’t have those great relationships with the banks.” He believed it was easy for them to understand and wanted to protect the people of small businesses and help prevent losing their business. With these tough times, any help is needed.